Current through Register Vol. 63, No. 9, September 1, 2024
(1)
The Commission's determination pursuant to OAR
123-623-1600 needs to define the
Approved Project for purposes of the Abatement, consistent with the Application
and the agreement between the Applicant and local government(s).
(2) Such a definition shall employ one or
more of the following examples or a comparable method that:
(a) Stipulates the site(s) or overall
facility at which applicable property must be located, used and occupied for
commercial purposes;
(b) Delimits
what the Abatement covers in terms of total investment cost or property value,
or the specific period, in which construction/installation needs to commence,
or in which property must be placed in service; or
(c) Identifies applicable real and personal
property, including but not limited to portions or incremental units of
property, by:
(A) Referencing or
incorporating the description of investment(s) in the Application or further
information from the Applicant (whether requested or not by the Department or
Commission);
(B) Delineating
improvements or property items (or representative examples thereof) that the
Applicant will acquire, construct or install, or for which the assessed value
would increase as a result of additions, reconstruction, modifications,
refurbishment, remodeling, renovation, retrofitting or upgrades; or
(C) Specifying improvements or property items
that are not part of the Approved Project subject to Abatement, including but
not limited to Existing Property.
(3) The Abatement may include an increase in
the assessed value of Existing Property that results, as part of the Approved
Project, from:
(a) A new addition to or
comprehensive reconstruction of an existing building or structure, whether
inside an SIZ or not.
(b)
Modification, remodeling, refurbishment, renovation, retrofitting or upgrade of
any Existing Property, except inside any SIZ where only newly constructed or
newly installed property qualifies for Abatement.
(4) As otherwise allowed under the project
definition described in this rule, the Abatement shall cover any property
comprising the Approved Project, for which construction, installation,
modification or the like occurs during or after the first year of Abatement,
but only for the remainder of the 15-year period.
(5) If another business firm acquires the
Applicant or the Approved Project, the ongoing Abatement shall continue as
authorized, such that continuously exempt property is not Existing Property,
provided that:
(a) The acquiring firm
complies with all terms and conditions under the Application, its approval, and
the corresponding local agreement in OAR
123-623-1525 or
123-623-1550, as well as
applicable requirements of law and this division of administrative rules, as if
the acquiring firm were the Applicant; and
(b) The owner or chief executive officer of
the acquiring firm furnishes and authorizes a formal statement to the
Department and the parties to the agreement, attesting to the firm's full
assumption of relevant obligations and requirements formerly incumbent on the
Applicant.
Statutory/Other Authority: ORS
285A.075 &
285C.615(7)
Statutes/Other Implemented: ORS
285C.600,
285C.606,
285C.626 &
307.123
